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 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">Notice that Clayton says until the large institutions (eg BlackRock) offer it, we won’t allow retail access. He literally admits that’s how it works in the United States. Now, of course, he couches it all in the name of investor protection, which I reject as bullshit. We are… https://t.co/Eb04fLuHhG</p>  
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  <p>— John E Deaton (@JohnEDeaton1) September 1, 2023</p> 
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 <p></p> 
 <p>&nbsp;</p> 
 <h2 id="b-us-sec-s-history-with-crypto-etf-approvals-b"><b>US SEC’s History with Crypto ETF Approvals</b></h2> 
 <p><span style="font-weight: 400;">The SEC’s hesitance isn’t new when it comes to the cryptocurrency realm. In a squawk box </span><span style="font-weight: 400;">interview</span><span style="font-weight: 400;">, former SEC Chairman Jay Clayton acknowledged the apparent demand from retail and institutional investors for access to Bitcoin. While Clayton agreed that Bitcoin isn’t classified as a security, the debate centers on whether the cash trading market could be easily manipulated to a degree that might preclude retail access.&nbsp;</span></p>  
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 <p><span style="font-weight: 400;">However, the tides might be turning with large financial institutions introducing surveillance mechanisms. These institutions are vouching for the legitimacy of the cash market, suggesting that it’s now an appropriate product.</span></p> 
 <h2 id="b-deaton-s-stance-on-regulator-bias-b"><b>Deaton’s Stance on Regulator Bias</b></h2>  
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 <p><span style="font-weight: 400;">Citing Clayton’s words, Deaton expressed frustration, insinuating that regulators in the U.S., under the guise of “investor protection,” may be biased in favor of large financial entities like </span><span style="font-weight: 400;">BlackRock</span><span style="font-weight: 400;">. He contends that by delaying decisions like these, regulators might attempt to manipulate crypto prices to benefit these “incumbent friends.”</span></p> 
 <p><span style="font-weight: 400;">In his interview, Clayton emphasized the difference between a Bitcoin futures product and a cash product, hinting that this distinction might not be sustainable in the long run. Despite the SEC’s delay, he remains optimistic about the future, pointing out that the 45-day window for reconsideration isn’t a significant delay in the broader context.</span></p> 
 <p><span style="font-weight: 400;">The tension between the need for regulatory prudence and market demand for Bitcoin ETFs continues to shape the landscape. While the </span><span style="font-weight: 400;">SEC’s</span><span style="font-weight: 400;"> decision to delay might be seen as a precautionary move, voices like Deaton’s are allegedly essential in ensuring that the interests of all market participants, especially retail investors, remain in the spotlight.</span></p> 
</div>  
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/why-us-sec-is-delaying-bitcoin-etf-approval-tbt61257.html">https://thebittimes.com/why-us-sec-is-delaying-bitcoin-etf-approval-tbt61257.html</a></p>

Why US SEC Is Delaying Bitcoin ETF Approval?

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